Perry Says Release From Strategic Oil Reserve More Than Triples
(Bloomberg) -- Energy Secretary Rick Perry said the U.S. has approved the release of "upwards of" 4.5 million barrels from the Strategic Petroleum Reserve in response to Harvey, more than tripling the amount announced a day earlier.
"Without trying to affect the market place, we are trying to be as stable as we can, making sure folks can, in fact, have access to gasoline," Perry said on Bloomberg Television. Perry said he sees about a "two-week bump" in gasoline from the storm, which made landfall in Texas last Friday.
The department yesterday announced two releases of 500,000 barrels each in response to a request by Phillips 66 for oil to feed its Lake Charles refinery in Louisiana. The agreement requires the recipient to replace the oil once supplies are flowing again. Perry said they approved an additional 3.5 million barrels in the past 24 hours.
About 22 percent of U.S. refining capacity and 13 percent of Gulf of Mexico oil output is offline because of Hurricane Harvey.
To contact the reporters on this story: Tina Davis in New York at tinadavis@bloomberg.net, David Gura in New York at dgura2@bloomberg.net.
To contact the editors responsible for this story: Tina Davis at tinadavis@bloomberg.net, Reg Gale
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- Analyst Says USA Influence on Middle East Seems to be Fading
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally